Tata Motors once again surprised analysts with exceptionally strong sales numbers for December 2021, posting a whopping 50% jump in passenger vehicle sales for the month compared to December of 2020. With this, the company’s passenger division has set a new yearly record by crossing the 3.31 lakh/year mark during the 2021. It also set […]
Tech Mahindra, the IT services provider from the Mahindra & Mahindra Group, said it has purchased a US-based consulting and IT services provider for $125 mn or Rs 930 cr. The company has 660 employees, and the shares are being purchased from two entities, one in India and another in the US. Most of the […]
For the first time, a key government official has said that the omicron variant of SARS-CoV-2 virus is likely behind the sudden increase in COVID cases seen in the last 4-5 days, without giving details. “We believe what we’re witnessing could be part of the global surge in cases pushed by the Omicron variant,” said […]
PVR, India’s largest cinema exhibitor, said it has increased its ticket prices in Telangana, a week after the state government increased cinema ticket price bands. Unlike other states, Telangana government controls the price of cinema tickets, given the high importance attached to movies by people in the state. The Telugu film industry is the second […]
Sun Pharmaceutical Industries said it has received Emergency Use Authorization or EUA from India’s Drugs Controller General of India (DCGI) to manufacture and market a generic molnupiravir in India, a week after the US-FDA gave an EUA to its use in the US. The company has promised to make the oral drug, under the brand […]
Tata Consultancy Services and Bharti Airtel said they tested a 5G-enabled and automated manufacturing set-up using the trial 5G spectrum allocated by Department of Telecom. Called ‘Neural Manufacturing Suite’, the technology aims to implement a ‘lights out’ factory set-up, in which the factory produces everything by itself without human or worker supervision or intervention. This […]
Industrial automation player Marshall Machines said its promoters will sell around 3.4% of the company to raise capital to meet the company’s working capital needs. The promoters currently hold around 73.4% of the total outstanding shares, which will come down to 70% by the end of the exercise. A 3.4% stake in the company is […]
With the annual general meeting of Dish TV only five days away, the promoters of the direct-to-home satellite service have filed yet another case in Bombay High Court, hoping to stop YES Bank from exercising voting rights on its stake of over 24%. This is the fourth major legal challenge put in front of YES […]
Zee Entertainment Enterprises and Sony Pictures Networks India are likely to keep both flagship brands of the two companies going after their merger, while investing heavily into sports and digital businesses, according to comments made by Zee management after announcing the deal. “Both the brands are strong brands, and with loyalty attached to themselves. So […]
HSBC, the global financial services giant headquartered in London, has agreed to buy L&T Mutual Fund, the asset management business of L&T Finance — the non-bank financial services arm of the Larsen & Toubro group of India. L&T Finance will get $425 mln, or around Rs 3,200 cr, for the mutual fund unit which has […]
Hero MotoCorp, already suffering from one of the worst demand slow-downs in recent times, said it is being forced to take a fourth round of price increase this year to offset the sharp increase in raw material prices. The latest round of price increases will come into effect on Jan 4, and will be ‘up […]
Zydus Cadila said it received tentative approval from the USFDA to market Pimavanserin tablets — a generic form of Acadia Pharmaceuticals’ Nuplazid — in the US. Tentative approval refers to approval given ahead of patent expiry. The company will be able to start selling the drug only when the patent protection expires. The compound, as […]
Bank of India, a public sector bank controlled by the government of India, today said it has bought out partner AXA Investment Managers from its mutual fund arm, BoI AXA. “Subject to the terms of the Share Purchase Agreement, Bank of India has paid Rs 900/- towards purchase of equity shares of BAIM and Rs […]
Quess Corp, which bought the rights to monster.com for most of the Asian markets three years ago, said investors Mohandas Pai and Akash Bhanshali have co-invested with it in the latest round of funding for the recruitment site. In total, said Quess Corp, the three parties invested Rs 112.5 cr, with an option to raise […]
Strides Pharma Science Ltd said its mega vaccine plant in Bangalore is ready and has started commercially producing Russian COVID vaccine Sputnik Light. “As previously committed, the company is on track to commercialize this vaccine for Global markets in Q4FY22,” it added. Strides Pharma unit Stelis was the third pharma manufacturer in India to sign […]
With the Indian stock markets, along with indices like the Nifty and Sensex, seeing ferocious correction today, the general advice from market experts to retail investors have been to ‘cherry pick’ stocks and rebuild one’s portfolio at these lowered valuations. However, there are also those who go against this ‘mainstream narrative’ and urge a heightened […]
ITI Ltd, formerly known as Indian Telephone Industries, said it won a Rs 433 cr order from the Tamil Nadu government to set up part of the BhartNet Phase 2 project in the state. BharatNet is an government of India project to create a pan-India fiber optic backbone that connects 2.55 lakh village panchayats in […]
Vakrangee Ltd, which runs over 13,200 digital kiosks across the country, said its franchisees will now be able to offer share trading and demat account opening services thanks to a tie-up with stock trading app Upstox. Vakrangee Kendras already offer a variety of internet-enabled services, such as bank account opening, issue of government certificates, money […]
With interest rates at multi-year lows, Bharti Airtel has used money raised from the market to prepay liabilities associated with its spectrum purchases during the auction of 2014. Under India’s spectrum auction rules, winners can opt to pay the majority of their obligations in the form of instalments over a period 10 years or more, […]
Plans to bring out a more improved version of India’s indigenous fighter aircraft, Tejas, have moved a step closer to fruition with the award of a Rs 2,400 cr contract by Hindustan Aeronautics Limited (HAL) to Bharat Electronics Ltd (BEL). The contract has been awarded for the supply of 20 types of airborne electronic systems […]
